Dickenson Bay Capital Profile Picture Investment Adviser

Dickenson Bay Capital

Dickenson Bay Capital

  • EducationMBA, University of Toronto
  • QualificationsChartered Financial Analyst
  • Founded2009

Macro Yield

The Macro Yield portfolio is comprised mainly of yield-focused instruments to generate income and meet capital preservation objectives. We employ structural, market, and macroeconomic analysis while leveraging the research, analysis, and insights gained from our Special Situations strategies. In addition to fixed income securities, investments may include other yield securities such as preferred and trust preferred shares, and common shares. The strategy seeks a mid-single digit annualized return net of fees.

Many of the Macro Yield strategy’s investments are in stocks that may be mispriced due to corporate actions such as spinoffs, restructurings, mergers, or IPOs.

The strategy may purchase inverse ETFs when our research reveals what we believe are unreasonable growth or earnings expectations. Inverse ETFs may also be utilized in an attempt to protect against macroeconomic and tail risks such as slowing global growth and geopolitical instability, as well as other events that we believe may cause market declines.

Risk score

Risk Score 4
4
Leverage: 1.13
12.2%

Best 30 days

-10.4%

Worst 30 days

Performance

  • 0.4%
    30 day
  • 4.2%
    90 day
  • 19.6%
    365 day
    March 04, 2009
Monthly vs S&P500
Dickenson Bay Capital - Macro Yield Monthly vs S&P500
-0.2% 12 months
  • $50,000 subscription min
  • Margin account required
  • 2% fee

Replicability

100.0%
  • Replicable

Top 5 Holdings View all

5.5%
5.1%
4.5%
4.1%
-12.9%

Portfolio commentary

  1. Karim Mawji's Special Situations, investing for yield: "I'm not afraid to go to cash"

    9 April 2013

    A Q&A with the new Covestor manager.

show more


Performance detail

  • Manager (net of fees)
  • Dow Jones Moderate Conservative

Performance

Inception March 04, 2009

as of April 23, 2014 Manager (net of fees) Dow Jones Moderate Conservative S&P 500
Past 30 days 0.4% 1.0% 1.1%
Past 90 days 4.2% 1.9% 3.1%
Past 365 days 19.6% 7.5% 21.3%
Since Inception (Annualized) 12.0% 11.8% 23.3%
2014 (YTD) 3.1% 2.4% 2.1%
2013 27.2% 8.1% 32.4%
2012 16.6% 8.4% 16.0%
2011 -1.8% 3.0% 2.1%
2010 4.4% 11.0% 15.1%

Risk metrics

Last 365 days

as of April 23, 2014 Manager (net of fees) Dow Jones Moderate Conservative S&P 500
Best 30 days 12.2% 3.8% 7.9%
Worst 30 days -10.4% -3.6% -4.8%
Volatility 14.7% 4.7% 11.3%
Sharpe Ratio 1.33 1.59 1.88
Sortino Ratio 1.76 1.97 2.63
Maximum Drawdown -11.5% -4.6% -5.7%
Value-at-risk (95%, 1 week) -3.4% -1.1% -2.6%
vs. Dow Jones Moderate Conservative vs. S&P 500
Information Ratio 1.08 - 0.26
Alpha 0.4% -4.3%
Beta 2.62 1.16
R-Squared 0.69 0.80
  • $50,000 subscription min
  • Margin account required
  • 2% fee

Latest transactions View all

Average trades per month 6.8
Executed Symbol Security Replicable Type Price
04/21/14 ASAZY Assa Abloy AB Yes Buy $25.25
04/21/14 BID Sotheby's Yes Buy $40.29
04/21/14 MIC Macquarie Infrastructure Co LLC Yes Buy $55.90
04/01/14 DIN DineEquity Inc Yes Buy $78.81
03/31/14 NEWM New Media Investment Group Inc Yes Sell $14.82
03/31/14 NEWM New Media Investment Group Inc Yes Sell $14.83
03/31/14 NEWM New Media Investment Group Inc Yes Sell $14.83
03/31/14 AHP Ashford Hospitality Prime Inc Yes Sell $15.09

Important Information

  1. Past performance is no guarantee of future results.
  2. Performance of the portfolio manager's account is calculated by Covestor on a daily time-weighted basis, including cash, dividends and earnings distributions, and broker commissions. Manager returns include trades that fail Covestor's trading rules, do not reflect any Covestor suitability or risk score restrictions and are exclusive of Covestor fees. More
  3. Average subscription returns ("Avg Sub" or "Avg Client") are calculated by Covestor and are composed of the average, daily, time weighted returns of all active subscriptions to the underlying portfolio. These daily average returns are then linked together for the timeframe requested. In addition, these returns include cash, dividends and earnings distributions, brokerage commissions, Covestor advisory fees, and reflect individual client suitability and risk score restrictions. More
  4. All graph data is as of the end of day for the referenced period, unless otherwise specified. The subscription minimum is the minimum subscription required to follow a particular portfolio. The minimum amount is determined by Covestor, based on the characteristics of the underlying portfolio. It should not be considered as specific investment advice for your investment situation.
  5. The performance charts are provided for informational purposes only, and should not be used as the basis for making an investment decision. Variables such as corporate actions or foreign exchange may affect daily performance displays. We rely on mathematical formulas, computer programs, and pricing information from third-party vendors to provide these returns. Neither Covestor nor any of its data or content providers shall be liable for any errors in this information or any actions taken by you in reliance upon this information.
  6. Benchmark returns have been calculated by Covestor using a time-weighted calculation of daily index valuations. Benchmarks presented are total return and therefore inclusive of cash, dividends and earnings distributions but not transaction costs. More
  7. Leverage indicates the level of margin utilized and is calculated by dividing gross exposure by portfolio net liquidation value.
  8. All Portfolio Manager information including personal data, profiles, strategies, monthly investment reports, and historical results outside of Covestor has been provided by the Portfolio Manager. Covestor makes no representation or warranty of its accuracy, completeness or relevance and it does not represent the opinions of Covestor. Transaction history is available upon request. Portfolio classifications (Approach, Asset Class) are provided by Covestor, and are intended to serve as a general guide.
  9. These securities are currently held in the portfolio manager's brokerage account. Holdings in the "Replicable Holdings" table currently pass Covestor's trading rules, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription holdings may vary.
  10. These transactions were executed in the portfolio manager's brokerage account. Those marked as "Replicable Transactions" passed Covestor's trading rules and were eligible for replication at the time of execution, subject to individual client constraints. Eligibility for replication may change over time. Actual client subscription trade activity may vary.
  11. S&P 500 Index is an unmanaged index compiled by Standard & Poor´s Corp. Index returns do not reflect any management fees, transaction costs or expenses. Individuals cannot invest directly in an Index. S&P 500 index data: S&P/Dow Jones Indices LLC, a subsidiary of The McGraw-Hill Companies Copyright © 2014.
  12. This portfolio was launched on Covestor on November 26, 2012. Trading history prior to launch was audited by Covestor and is consistent with current portfolio strategy. Manager performance incorporates this historical data. This data has not been audited by an independent firm.